Prepaid Energy Meter: Introduction
- A prepaid energy meter needs to be recharged first in order to utilize energy. A prepaid energy meter is just a like a mobile phone or DTH recharge. After recharging, consumers get a set amount of energy for consumption. Once that energy is consumed, the electricity is automatically cut off.
- The traditional method of electricity billing is a lengthy and time consuming process. Even though most energy meters are digital, the problem of human error while making the bill cannot be eliminated. Many countries around the world are taking steps to replace the existing meters with prepaid energy meters in order to eliminate these errors, which is likely to drive the prepaid energy meter market during the forecast period.
Key Drivers and Opportunities of the Global Prepaid Energy Meter Market
- Prepaid cards and the prepaid phone market have been popular since many years. The market during the forecast period is expected to witness slow growth as it is reaching a saturation point. The next prepaid product market is of electricity, with utilities around the world investing heavily in this segment in order to streamline the distribution and collection process. This is expected to be one of the major driving factors of the prepaid energy meter market during the forecast period.
- Countries around the world are looking for ways to minimize the losses caused due to theft of electricity and unpaid bills. India plans to change all electricity meters to prepaid smart meters by 2022. Such initiatives by governments will fuel the market growth during the forecast period. 5.8 million prepaid meters are already used in Great Britain and the number is expected to increase during the forecast period since consumers prefer to have a control over their expenses and opt for a hassle free service.
- Few global players operate in this market and new players entering the market have huge scope during the forecast period.
Europe to Hold Major Share of the Global Prepaid Energy Meter Market
- In terms of geography, the global prepaid energy meter market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Europe is projected to be the region with highest share in the global prepaid energy meter market followed by North America. This is mainly because developed nations in the region have already adopted prepaid energy meters and are finding ways to market them.
- On the other hand, Asia Pacific is expected be the fastest growing region in the global prepaid energy meter market as many countries in the region are facing problems of electricity theft, and issues with the billing process etc. This has prompted governments of many countries in the region to take important steps to develop the electricity sector.
Key Players Operating in the Global Market
Major players operating in the global prepaid energy meter market include:
- EDMI Limited
- El Sewedy Electrometer Group
- Elster GmbH
- Hexing Electrical Company Ltd
- Itron Inc.
- PayGo Energy
- Secure Meters
- Siemens AG
Global Prepaid Energy Meter Market: Research Scope
Global Prepaid Energy Meter Market, by Product Type
- Thin Meter-based Solutions
- Thick Meter-based Solutions
Global Prepaid Energy Meter Market, by Application
Global Prepaid Energy Meter Market, by Price
Global Prepaid Energy Meter Market, by Distribution Channel